S&P noted that a money shortage in Zambia led to reduced output and new orders, but a stronger local currency mitigated the downturn and price pressures. Activity and new business declined for the second consecutive month, but the kwacha’s appreciation against the USD showed signs of customers returning. The nation’s PMI rose to 48.7 from 46.9 in March, indicating a slower pace of decline. Money shortages and related cash flow issues led to further reductions in output and new orders. Meanwhile, annual inflation in the country increased to 10.2% in April from 9.9% in March.